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5/1 Arm Rate Trending?

Profile picture for tiger3599
I have a first and second mortgage and doing the fannie mae refi + program. I'm just going to refi the 1st loan and it's 217,000 and I have a credit score right at 800.

In working with my lender was just given a 4.375 rate for a 5/1 ARM with NO points. Should i float or lock?
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July 08 2009 - Algonquin
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Answers (2)

Profile picture for Georgia Loans
rates were lower yesterday and lower today, we should get even better pricing this afternoon so contact your lender to update the quotes.
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July 08 2009
Profile picture for Colorado Mtn Lender
Sounds like a decent rate.  The general trend is for higher rates.  The bond market today is improving slighly (maybe lower rate - but will move slowly) but it can reverse at any time.  Why take the chance on higher rates. Also depending on the lender the rate for the 5/1 ARM may not move often.  Only question in my mind is to ask your Broker if he/she can close and fund the loan within a 30 day lock.

Hope this helps.

Ed
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July 08 2009
 

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